Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
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Agri-Biz & Commodities
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Commodity Exchanges NCDEX online trading begins in Coimbatore G. Gurumurthy
Coimbatore , Dec. 15 THE online commodities futures trading under the National Commodity and Derivatives Exchange Ltd (NCDEX) got off to a start in the city on Monday, coinciding with its commencement of operations at the national level. The online trading platform has been provided by its local member, Coimbatore Commodities and Derivatives Ltd (CCDL), promoted by the city-based NSE member, Coimbatore Capital Pvt Ltd. CCDL formally launched its inaugural trading with these bullion and cotton. Mr B.K. Krishnaraj Vanavarayar, Managing Director of Sakthi Textiles and Chairman of the Indian Cotton Mills Federation, punched his offer to buy one quintal of J-34 cotton variety at Rs 6,300 (for January 20, 2003 delivery). Mr D. Balasundaram, Chairman of CCDL, said that the online futures trade will initially be confined to bullion, soyabean, rapeseed/mustard seed oil and cotton. "It will signal greater transparency in the prices behaviour, especially principal agri products like cotton, which could be a boon to both growers and end-users." Trading of cotton contracts is limited to Shankar-6 (27-30 mm staple length) and J-34 (23.5-26.5 mm staple length). The exchange will disseminate spot prices of these two varieties twice a day. The spot prices of J-34 would come from the Bhatinda, Sirsa and Abohar markets, while the spot prices for Shankar-6 would be given from Ahmedabad and Rajkot. NCDEX has also arranged to invite spot market players to participate in the spot price polling process. CCDL plans to offer individual trading terminals to cotton consuming mills in the region. Coimbatore Capital Pvt Ltd already has 36 securities trading outlets across Tamil Nadu, and one each in Pondicherry and Bangalore, and CCDL will seek to derive synergy from these centres to optimise futures trading.
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